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FAFSA Update: What Schools Need to Know About the 2024-25 Application Cycle

BREAKING NEWS: The Department of Education (DOE) announced on Wednesday that the 2024-25 FAFSA will go live by December 31, 2023.  

By law, the FAFSA must be open for students to submit by January 1st  each year. Normally the opening month is October, but the DOE has been consistently pushing the date back. Yesterday, they announced that they will be delaying it again until December 31, 2023. This is all due to the FAFSA Simplification Act requiring so many significant alterations.  

Why This Matters: The Impact on Schools and Students for the 2024-25 Award Year 

  • The delay in FAFSA availability directly impacts the processing timeline. Typically, when students submit the FAFSA, the DOE processes their application and generates an Institutional Student Information Record (ISIR). This is crucial for schools and Financial Aid Services to assess their Title IV funding eligibility. With the delayed FAFSA opening, the DOE is anticipating that ISIRs will be reaching schools by the end of January.  
  • The DOE also announced that any FAFSAs submitted on paper applications won’t undergo processing until sometime in February. This may add further complications to the overall timeline for aid disbursement. 

2024-25 FAFSA application announcement

Implications for the 2024-25 Award Year 

This information all pertains to the 2024-25 award year, set to commence on July 1, 2024. Schools, students, and financial aid offices will need to recalibrate their timelines and processes accordingly due to these delays. 

For further details, these two essential resources below will provide insights into this development: 

The ever-changing world of FAFSA procedures demands careful attention from both schools and students alike. Stay informed by checking back with our blogs and learn how you can adapt your processes to accommodate these changes effectively to ensure a smooth transition into the 2024-25 academic year. 

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